In the new issue of Regulation, economist Pierre Lemieux argues that the recent oil price decline is at least partly the result of increased supply from the extraction of shale oil. The increased supply allows the economy to produce more goods, which benefits some people, if not all of them. Thus, contrary to some commentary in the press, cheaper oil prices cannot harm the economy as a whole.

Two long wars, chronic deficits, the financial crisis, the costly drug war, the growth of executive power under Presidents Bush and Obama, and the revelations about NSA abuses, have given rise to a growing libertarian movement in our country – with a greater focus on individual liberty and less government power. David Boaz’s newly released The Libertarian Mind is a comprehensive guide to the history, philosophy, and growth of the libertarian movement, with incisive analyses of today’s most pressing issues and policies.

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Even Arianna Huffington Supports Private School Choice

Arianna Huffington — yes that Arianna Huffington — wrote an interesting article this week reiterating her support for private school choice.

I’d just like to say thanks for opening fire from the left on this issue. Unfortunately, Arianna supports a federal, single-payer voucher system, and there are a few problems with that approach.

Let’s start with feasibility. Vouchers are controversial at the state level, and they would be even more so at the federal level. Current funding is mostly through state and local taxes, so — as Huffington notes — a new federal tax would be required. A federal voucher program is, thankfully, extremely improbable.

In fact, even state-level vouchers are less preferable than education tax credits.

Numerous voucher programs have been overturned for violating state constitutions; no tax credit programs have been overturned. That’s because credits allow individual taxpayers to keep control of their money, rather than sending it to the government to dole out. In other words, no taxpayer is compelled to support education with which she disagrees.

Tax credits are also a more cost-effective way to fund private choice. For instance, instead of instituting de facto government price controls with a single voucher amount, private scholarship organizations can provide only what a family needs to attend a school of choice. Existing tax credit programs support many more families with each dollar than voucher programs.

So, Arianna, you see the necessity for private school choice. Why not make your next article about the promise of state education tax credits?